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Tips On How To Succeed In Business As A Veteran

You’ve got an idea! Are you ready to start your own business as a veteran?

Getting started is just the first step. Take action to set yourself up for success in the long term. Here are some tips to help you succeed in business as a veteran.

  • Put in the time: Starting a business takes time and energy. Make sure you have the bandwidth in your life to make your business a priority. Although it will undoubtedly take a lot of hard work, the long term rewards can be worth it.
  • Take advantage of the resources available: There are many veteran-specific grants and training programs out there. Don’t let those opportunities pass you by. A little bit of training can go a long way. Plus, any free money that you don’t have to pay back can only help your business.
  • Get started before you get out: Before heading out into civilian life, consider getting started on your business while you are still working for Uncle Sam. A side hustle might not be feasible for everyone. But even if you just map out a business plan, that’s a great starting point.
  • Don’t cut corners: It’s tempting to do everything you can to turn a profit. But you shouldn’t make a profit at the expense of your customer’s experience. If you value profit before quality, that might not work out well for the long term.
  • Build up savings before leaving the military: When you start a business, you might not see a regular paycheck for quite a while. The hard work can pay off with a big reward. But having a stockpile of personal savings will help you make it through the lean times while getting your business off the ground.
  • Be realistic about funding: Take the time to add up what business costs you expect to incur. It’s always a good idea to overestimate the costs because starting a business comes with many unexpected challenges. With a rough estimate of the costs, consider where you will find the money. A few options include your personal savings, a grant, or a small business loan.
  • Pick the right business structure: Before you open your business doors, make sure you have the right legal structure in place. Two common options are a sole proprietorship and a Limited Liability Corporation (LLC). Additionally, think about your business insurance needs before you run into an issue.

Conclusion

As a veteran of the Armed Forces, you are predisposed to succeed in business. With a drive for success and an ability to adapt in less than ideal conditions, veterans are poised to reach their business goals.

Plus, there are many resources available to help you get your business idea off the ground. One of those resources is a small business loan. Consider the best small business loan options today.

About the Author

Sarah Sharkey

Sarah Sharkey

Personal Finance Writer

Sarah Sharkey is a personal finance writer who enjoys helping people make better financial decisions.

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